Post debt soars to K190m

Mon, 09 Jan 2017 09:44:35 +0000

…as 14 more trucks are discovered, impounded in South Africa

By NATION REPORTER

FOURTEEN more trucks and trailers belonging to the Post Newspaper (now in liquidation) have been discovered and impounded in South Africa in a joint operation between the Zambia Police Service and the South African Police.

And Mr Mosho has revealed that the debt portfolio of the Post Newspaper in liquidation has now soured to K189, 893,720.16 following the increase in the number of claims against the newspaper by creditors.

Post Newspaper (in liquidation) provisional liquidator Lewis Mosho has revealed that former directors of the newspaper had concealed the 14 trucks in Johannesburg at a private garage, owned by Reddy Logistics (Pty) Limited, a South African company. Mr Mosho said in a statement yesterday that he has since instructed his lawyers to commence criminal proceedings against the former directors of the Post Newspapers (in liquidation) for concealing assets of the company which were by law supposed to be in the custody of the liquidator.

The discovery and impounding of the 14 trucks and trailers comes just within a week after a combined team of Zambian and South African police officers discovered and impounded five trucks which were hidden in yet another private garage in Johannesburg’s Germiston area.

The latest discovery and impounding of the 14 trucks and trailers brings the total number to 31 in just about one month with the first 11 having been discovered and impounded from Shimabala area in Chilanga.

Mr Mosho said apart from the 31 Post Newspaper impounded trucks, the Zambia Revenue Authority (ZRA) is also holding 19 more trucks which it seized in July last year.

He said the search for all the hidden assets continues as the liquidator was determined to recover and have custody of all the assets. “The office of the provisional liquidator of the Post Newspaper (in liquidation) with the help of a combined team of the Zambia Police Service and the South African Police Service has discovered and impounded 14 more trucks and trailers hidden at a private car park in Johannesburg, South Africa. This is within one week after five trucks were discovered and impounded in Johannesburg and within one moth of impounding 11 more which were hidden in Shimabala in Chilanga.

“The office of the provisional liquidator has since instructed his lawyers to commence criminal proceedings against the former directors of the Post Newspaper (in liquidation) for concealing assets of the Post Newspaper,” Mr Mosho said.

And Mr Mosho said the new claimants who have since submitted their claims included the University Teaching Hospital (UTH), Zamtel, National Assembly of Zambia, Workers Compensation Fund Board, in unpaid remitted contributions and overdue assessments as well as Mount Meru Petroleum Ltd.  Mr Mosho has also announced that more Post Newspaper (in liquidation) employees have approached the office of the provisional liquidator to register their claims and join the petition for the winding up of the newspaper company.